Term Insurance Calculator in 2024

Welcome to 2024's smartest financial tool in India - the Term Insurance Calculator! It's like having your insurance expert at your fingertips. With just a few clicks, you'll learn how much premiums you need to pay to your insurance provider and how much coverage your family needs.

Term insurance is the most straightforward insurance policy that provides extensive life coverage at affordable premium rates. If the policyholder passes away within the policy term, the nominees will get the sum assured or benefit amount. 

A term insurance premium is the amount you promised to say to your insurance provider to keep your policy active and for life coverage. The premium payment frequency can be monthly, quarterly, or annually. As a policyholder, you can select the frequency that suits your financial situation and budget.

A term insurance calculator is an effective online tool for discovering how much term insurance coverage you might need and how much it might cost. Several calculators are available on different insurance companies' websites to make your easier. Calculate term insurance premiums with just a few clicks using our ACKO Life calculator. Get clarity and provide financial protection for your family.

Step 1

Input Your Details: First, you'll provide basic information about yourself. This includes your age, gender, income, and others. Don't worry; it's all to help you calculate the right coverage.

Step 2

Choose Your Coverage: Next, you'll decide how much money you want your loved ones to receive if something happens to you. This is called the "sum assured." It's the financial support your family will get if you're no longer there to provide for them.

Step 3

Select the Term: Term insurance is temporary coverage for a specific period, like 10, 20, or 30 years. You'll choose how long you want to be covered.

Step 4

Get Your Results: After you've entered all your information, the calculator will estimate how much your term insurance policy might cost each year (known as the premium). It can also show you the total coverage amount you'd get.

Step 5

Compare and Choose: You can use this information to compare different insurance options and choose the one that suits your needs and budget.

Using a term insurance policy calculator in 2024 in India is super easy and helpful for making informed decisions about your insurance needs. Here's a simple step-by-step guide:

Find a Reputable Insurance Website: Start by visiting a trusted insurance company's website or a financial comparison website that offers a Term Insurance calculator.

Enter Your Details: You'll usually find a section labelled "Term Insurance Calculator" or something similar. Click on it and begin entering your details. You'll typically need to provide information like your age, gender, annual income, desired coverage amount, and the term (duration) you want for your policy.

Adjust the Variables: As you enter your details, the calculator will automatically display the estimated premium cost for different term insurance plans. You can adjust the coverage amount and term duration to see how they affect the premium.

Compare Options: Most calculators will show you multiple insurance plans from various companies. Compare the premiums, coverage, and features to find the one that suits your needs and budget.

Read the Terms: Click on the plan you want to see more details. Pay attention to the policy terms, riders (additional coverage options), and exclusions.

Get a Quote: Once you've found a plan that fits your requirements, you can request a quote directly from the calculator. This will give you a more accurate premium estimate based on your specific information.

Contact the Insurance Provider: If you're satisfied with the quote, you can contact the insurance company through the provided contact details to discuss the policy further, clarify doubts, and complete the application process.

If you don't use this calculator, a few of the following things might happen

Overpaying: 

You might end up paying more money than you need to for your insurance. Without the calculator, you won't know the exact amount that suits your needs and budget.

Underinsurance:

You might not buy enough coverage to protect your family properly. If anything happens to you, the insurance money might not be enough to support your loved ones financially.

Financial Stress: 

Without knowing the right premium amount, you could be stressed about whether you can afford the insurance or not. It might affect your financial planning and peace of mind.

Enhance your ACKO Life Flexi Term Plan with valuable riders. You can opt for:

With just a few clicks, create a will to show which assets go where.

This option allows you to control how your nominees will receive the sum assured. You can choose if the claim settlement is partially done through monthly payments or as a one-time full payment.

To file a term insurance claim through the ACKO app, you can follow these steps:

The required documents may vary depending on the type of claim. For a death claim, you will need to upload the death certificate. You may also need to upload a medical certificate, a police report, or other documents.

Once you have submitted your claim, ACKO will review it and process the settlement. The funds will be disbursed according to the terms of your policy.

Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet, and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content, and before making any insurance-related decisions.